MPEL appears to be attempting to "hammer" out a bottom, note red arrow. After breaking out of a bullish pattern MPEL appears to be exhaling. Applying FIB levels to the exhale can provide color. Over head supply at white trend line. If MPEL inhale's the trend line would be support.
key area of support on weekly chart
bounced around this area a number of times, see boxes on chart
also now 61.82 fib retracement
last earnings was a blowout..
i think its a good time to take a position longer term
Weekly candlestick chart...
200 week moving average stopped the decline dead in it's tracks.
Good looking fib retrace...
Weekly MACD looking good for the bottom.
Profitable company etc....check it out.
MPEL Expect open around 23.79 for a Retest Gap. After about 30 minutes, watch for bearish break off of 10 or 20 ema on a 5 min chart. Watch out for strong support at 23.53 and make sure the reward risk ratio is there before tracing a trade.
this is weired....price has reached the target from previous break out and is now flirting with new highs......IF there are new highs I will go long with a very tight SL.....however i do expect triple top and decline and maybe even retest the 16 area....will see and act accordingly